RESPA rule changes delayed.
Could be a long wait for clarity on HUD RESPA changes, Click here for Story & WebCast.
The Trillion $ Mortgage Time
Bomb
Risks are rising that Fannie Mae and Freddie Mac may need a government bailout that could cost far more than previous rescues. Click Consumer Section
Loan officer gets 3 years for kickbacks
An Emeryville loan officer was sentenced Tuesday to three years in federal prison for receiving more than $500,000 in illegal kickbacks and commissions from borrowers' escrow accounts.
Renato Gonzales Quiazon, 54, who worked at New Century Mortgage in Emeryville, admitted in December that he used an independent mortgage broker's name and license on loans that he processed to get a kickback of 80 percent of the commissions.
Quiazon deposited the checks for the kickbacks into his bank account, while the mortgage broker retained the other 20 percent of the commissions in a scheme that lasted from January 2000 to October 2004. Beginning in 2002, Quiazon began getting commission checks directly instead of through the mortgage broker and forged the broker's signature on the back of the checks, the indictment said.
Quiazon pleaded guilty to one count of wire fraud and four counts of filing false tax returns from 2001 to 2004 for deducting expenses
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Bad loans, lenders going belly-up and massive lay-offs in the mortgage industry. Where it's all going is anyone's guess, but while the shake down goes on learn new weekly developments with timely updates targeted to concerned consumers as well as industry professionals.
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RESPA News Update: 'Adjust' Credit Lines? Did you get an email with a 'solution' -- watch this before going to jail.
RESPA News Update: Builder/Lenders: Anyone want a FREE Big Screen TV?
RESPA News Update: Realtor relationships with Home Warranty Companies - How legal is it? CLICK HERE
CONSUMER HELP FROM THE RISK MITIGATION GROUP:
NFL Hall-of-Famer Tony Dorsett asks tough questions to consumers about thier mortgages. With increased monthly payments and shrinking budgets, the average homeowner is facing some serious challenges. On behalf of The Risk Mitigation Group, Mr. Dorsett says "knowing what is in your loan file is the first valuable step in protecting your home from foreclosure."
CLICK HERE FOR OUR CONSUMER SECTION
See what is getting caught in the mortgage fraud mess by investigators and regulators. Check out this list of things you should be looking for. Click Here
Consumers! Know who to contact in your state. Direct links to agencies at your service. Click Here.
The FBI says 80 percent of all reported fraud losses involve collaboration or collusion by industry insiders.
"Each mortgage fraud scheme contains some type of 'material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan'," said FBI assistant director Chris Swecker, testifying before the U.S. House of Representative's Financial Services Subcommittee on Housing and Community Opportunity.
